A summary of the new Treasury ministers following July 2016's post-referendum reshuffle.
SME Tax News
In Leekes Limited v HMRC [2016] UKUT 0320 the Upper Tribunal (UT) held that losses do have to be streamed following a transfer of trade from one company to another.
HMRC has issued Spotlight 31: change of date for withdrawal of transitional relief on investment growth. This extends the date for withdrawal of disguised remuneration transitional relief to 31 March 2017.
In Donaldson v HMRC [2016] EWCA Civ 761 the Court of Appeal confirmed that HMRC had correctly imposed daily late filing penalties under Schedule 55 FA 2009. This decision is important as there have been a number of cases put on hold awaiting its outcome.
In Robert Ward v HMRC [2016] UKFTT TC05912 the First Tier Tribunal (FTT) held that excess PAYE deductions should be repaid to the employer and not the employee.
In Sword Services Limited & Others v HMRC the High Court held that Partner Payment Notices (PPNs) can be issued to LLPs. The PPNs were also found to be valid as the relevant partners were aware of enquiries being opened even if official notices were not sent to them.
The deadline for renewing Tax Credits claims with HM Revenue and Customs (HMRC) is 31 July.
HMRC has been allowed a budget of just under £999,660 to advertise the marriage allowance.
In Spring Salmon & Seafood Limited v HMRC the Upper Tribunal (UT) held that HMRC were prevented from assessing PAYE and NICs due to a previous undertaking they had given to the company.
The introduction of the tapered annual allowance means that some individuals will see their allowable pension contributions for the 2016/17 tax year reduced to just £10,000.